UniCredit S.p.A.
UCG
position
long
Causeway Capital
Thesis
UniCredit has undergone significant restructuring under new management, which has improved its balance sheet by addressing non-performing loans. This restructuring has lowered risk, reduced the cost of equity, and increased return on equity, making it a compelling investment opportunity.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time horizon for the thesis, it's difficult to assess whether the investment thesis has played out. While the restructuring and improvements in the balance sheet are positive indicators, the lack of concrete results or time elapsed makes it impossible to draw a definitive conclusion.
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